The Accounting Standards Committee (ASC) was a joint committee established in 1976 to create and issue accounting standards in the UK. It was later replaced by the Accounting Standards Board (ASB) due to concerns about its effectiveness.
The Accounting Standards Committee (ASC) is a significant entity responsible for establishing and maintaining accounting standards to ensure consistency, transparency, and reliability in financial reporting.
The Dearing Report, officially titled 'The Making of Accounting Standards,' was a landmark document published in 1988 aimed at reforming the setting of accountancy standards in the UK.
